The Cypriot real estate market showed clear signs of a slowdown in April 2025, particularly at the luxury end of the market.
According to data released by Ask Wire, a tech-driven property data firm, the 10 most expensive property transactions across the island totalled €18.4 million. The top 50 deals came to a combined value of €43.8 million.
The most expensive single transaction occurred in the Nicosia district, with a plot of land in Engomi selling for €3.3 million.
Ask Wire’s analysis, based on real-time tracking of property transactions, asking prices, and construction activity, highlights a significant month-on-month decline. CEO Pavlos Loizou noted, “April can reasonably be described as a month of contraction for the luxury property market, considering the value of the 50 most expensive sales dropped by 52.8% compared to March 2025.”
Regional overview: balance slight edge to Limassol
The data shows a relatively even distribution of luxury transactions across three key districts – Limassol, Paphos, and Nicosia. Among the 10 most expensive sales in April, Paphos accounted for four, Limassol for three, Nicosia for two, and Larnaca for one.
Limassol narrowly topped the charts for high-end property sales, with its top 10 transactions making up 26% of the combined value of the 50 most expensive sales nationwide. Paphos followed closely with 25.3%, and Nicosia with 24.7%.
In absolute terms, the top 10 sales in Limassol reached €11.4 million, compared to €11.1 million in Paphos and €10.8 million in Nicosia. Larnaca trailed at €6.3 million, representing 14.4% of the total, while the Famagusta district’s luxury segment brought in €4.2 million.
Larnaca underperforms, Limassol hits record territory
A striking observation from Loizou was that only 18 of the 50 high-value properties were sold for over €1 million. “Larnaca, which had been developing a solid reputation in the luxury property market, performed surprisingly poorly,” he said. “Meanwhile, Limassol appears to be operating at levels that are uncharacteristically moderate by its own standards, as two properties were sold for under €1m while the remaining eight were clustered below €1.8m.”
Interestingly, two of Limassol’s top 10 properties were sold for under €1 million, while the remaining eight clustered just below €1.8 million, a sign of high transaction volume at the lower end of the luxury bracket.
Another notable insight was the prominence of land sales in April’s top-tier transactions. Of the 10 most expensive deals, six involved land plots.
Across the 50 highest-value sales, the breakdown included 22 houses, 13 land plots, seven building plots, six flats, one apartment block, and a single commercial property.
Conclusion
April 2025 marked a shift in momentum for Cyprus’ luxury property market. While the overall transaction value dipped significantly, regional dynamics remained competitive, with Limassol marginally leading the pack.
Yet, the data also underscores a growing role for land investments and a possible recalibration in what constitutes a “luxury” sale, particularly in terms of value thresholds.
